THE WHAT? The Hut Group has announced plans to separate its THG Beauty division and list it on a public share trading exchange in 2022.
THE DETAILS The division pulled in sales of £460.8 million in the first half of fiscal 2021, up 55.9 percent year on year. The LookFantastic owner saw overall group revenue rise 44.7 percent yoy to hit £958.8 million.
Further details on the spin off and IPO are yet to be released, although Reuters reports that the UK-based owned of Cult Beauty is expected to retain a majority share. A separation of its Nutrition division is also anticipated in the not too distant future.
THE WHY? Matthew Moulding, Executive Chairman and CEO of THG, commented, “Today, we update on the roadmap to separating our key trading divisions, and announce our commitment to list THG Beauty in 2022, which we believe will create further value for our shareholders.”